Former cryptocurrency tycoon convicted of fraud applies for pardon

Former cryptocurrency tycoon Sam Bankman-Fried, who was convicted in 2023 on fraud charges, has formally submitted a bid for a presidential pardon upon the completion of his prison sentence.

Bankman-Fried received 25 years in prison after being convicted on two counts of conspiracy and five counts of fraud in 2023 after his cryptocurrency empire collapsed unexpectedly in November of 2022 when the company suffered the equivalent of a bank run. 

FTX investors simultaneously lost faith in the firm and attempted to withdraw their stakes that year, which left the company unable to remunerate them.

The Justice Department website confirmed the fraudster's request for a pardon upon the completion of his sentence. He is also in the process of appealing his conviction and sentence, but a judge has rejected his request for a new trial, according to Politico. 

Bankman-Fried told Fox Business on Monday that he would like the president to pardon him, but President Donald Trump said in January that he does not plan on pardoning the former crypto giant. 

"Absolutely," he told the outlet when asked about whether he wants a pardon. "It would be obviously, you know, ultimately up to the president, not up to me."

The former cryptocurrency mogul still denies stealing funds from users, telling Fox from prison that it was a case of the platform being "over-collateralized," and that all customers have since been repaid.

"I can only tell you what I think and, you know, ultimately, customers have been repaid nearly twice what they had on the platform," Bankman-Fried said. "It's a great disservice to them that it has taken three years."

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.